06Jun

If you’re an IT professional and want to double that raise you got (who doesn’t?) learn a new skill or earn a certification.

That’s what Global Knowledge discovered when it surveyed tech workers around the world. The training firm won’t release its 2020 IT Skills and Salary Report until later this summer, but it gave everyone a preview of some of the key findings. Among them is the financial impact of training.

Global Knowledge found the average raise for tech professionals this year is right around 6%, which translates to a bump of just about $5,000. But those who learned a new skill earned nearly $12,000 more and those who obtained a new certification got almost $13,000 more.

“The reason for a raise impacts the amount of the raise,” says Global Knowledge. “Twelve percent of individuals who received a raise attribute it to developing new skills that were of added value. Those same individuals earned nearly $12,000 more this year compared to 2019.

“IT professionals who attribute their raise to obtaining a new certification experienced a salary bump of nearly $13,000.”

This isn’t just a one-survey wonder. Global Knowledge has surveyed tech workers since 2008 finding that those with new certifications nearly always are rewarded with a bigger than average raise. In North America tech pros with at least one certification typically earns 8% more than those with no certifications. Those with 6 or more certifications get an even bigger pay bump, earning $13,000 more than those with just one.

The reason for the difference is simple: The more skills a person has, the more productive they can be and thus more valuable. This is especially significant in tech where, as Global Knowledge says, two-thirds of IT decision-makers believe the lack of necessary skills – the skills gap – is costing between 3 and 9 hours of productivity a week.

That explains why this year Global Knowledge found a 36% jump in managers approving IT training. When training is available, 80% of managers are now giving workers the OK. On the other hand, 20% are still saying “No” to training.

According to Global Knowledge those 1-in-5 managers worry that taking time to train will negatively impact work and cause a loss of productivity. But, as the company’s report preview points out, that dip will be short-term, while not having people with all the right skills is a long-term impact.

Trying to fill the skills gap by hiring talent is so difficult that 69% of IT managers have multiple open positions. Nearly all have at least one opening.

Photo by Wes Hicks

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Tech Unemployment Down. Hiring Demand Up

Tech hiring is up. Tech job postings are on the upswing. And at 2.4% tech unemployment is well below the national average.

This trifecta of demand and availability is making tech hiring ever more challenging as employers begin to fill positions they’ve left vacant during the last year.

“Even though tech employment held up reasonably well during the turbulence of the past 12 months, many employers were in a wait-and-see hiring mode,” said Tim Herbert, EVP for research and market intelligence at CompTIA. “With the three recent months of tech employment gains we’re likely seeing that pent-up demand translate to new hires.”

According to an analysis by the trade group CompTIA, IT occupations nationwide expanded by 178,000 jobs in February, while job postings for open IT positions surpassed 277,000, a 12-month high.

Tech job postings - blog.jpg

On a month-over-month basis, the biggest increases in IT job postings were in California, Illinois, Washington, North Carolina and Texas. The metro areas with the biggest gains were Chicago, San Francisco, New York, Washington, D.C. and San Jose.

Positions for software and application developers accounted for the largest share of the openings (88,600) followed by systems engineers and architects (22,700), IT support specialists (22,000), web developers (18,000) and IT project managers (17,400).

Like nearly every other part of the economy, tech jobs took a hit during the height of the pandemic as employers canceled or postponed projects and expansion. Unemployment among tech professionals at one point in the last year approached 5%, a high not seen since the Great Recession in 2010. Since hitting that high in June, unemployment declined sharply to February’s 2.4%. It is expected to be even lower when the March report comes out next month.

If you’re having trouble filling tech jobs, give us a call here at Green Key Resources. Our recruiters know where to find the best tech talent and can help you fill those hard-to-fill jobs quickly. Call us at (212) 683-1988.

Photo by Marvin Meyer on Unsplash

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